THE ADVANTAGES AND DISADVANTAGES OF TRADING FOREX

ON YOUR MOBILE

If you haven’t, you should give it a thought. With your mobile phones, you can now trade forex in any part of the world and at any time. There are no restrictions as to where; you can do it at home, on the train, at work and even in a bar. With advanced technology and the new generation of smartphones, you are equipped with all sorts of tools that you can use to make analysis and draw market information. With your mobile phone, you can open a trading account and carry all your investments in one tiny but very powerful platform that perfectly fits into your pocket.

Is Trading Forex On Your Mobile Phone The Ultimate?

Should you throw that computer away and never go back to it because of developments on smartphones? Maybe we can answer this at the end of this article There are still some reasons why you might still need your computer for forex trades. In as much as smartphones become more powerful, there are still a lot of things that your computer can do that smartphones cannot do.

What are your experiences like after trading with one or the other or a combination of both? Well before you give the award to smartphones we will examine the benefits and weaknesses of using a mobile phone to trade forex. Then maybe also, beginning traders can decide for themselves if using a mobile device will be sufficient or you might want to stick to computers that you know.

The Advantages of Trading Forex on Your Mobile

1. Easy accessibility

So as long as your mobile phone has access to an internet connection you can trade forex anywhere.
This means you don't always have to be attached to your computer and because mobile phones have mobile data you won't need to find an internet café.
Imagine yourself on a constant move; you start a trading position as you are on a staircase and close another one on the backseat of a car and then start another in a toilet and on and on.

2. No re-registration process as you already have an existing account

If you still maintain your present forex broker, you already have a decent chance of logging in on your mobile device and can start trading immediately.
A lot of forest brokers already have an existing mobile-friendly app and sites requiring only your login details to trade.

3. You can practice your skills

You might already be bored of playing mobile games.
You can get a demo account on your mobile device and practice your trading skills and still use tools that can analyze the market and indicate signals.

4. Analyzing the market

Mobile trading platforms come with a wide range of tools and over 30 indicators which you can use for your analysis and predictions on the market movement.
Although your mobile phone offers you a small screen as compared to your computer, it still has good resolutions with zooming options and colour chart patterns.

5. Portability

It is even lighter than table water.
Since it is known as a mobile phone, its name speaks for itself.
It beats the computer here in terms of trimness and lightness and even has more battery life than any computer you can think of.

Disadvantages of Trading Forex on Your Mobile

1. Connections can be lost

There are places where your phone loses signal like in a subway or in the elevator.
Imagine if you were in-between a trading manoeuvre and you suddenly lose your internet connection.
It can be frustrating and might cost you your profit.

2. The execution time is average

It comes second when you compare it to your computer because mobile platform access is usually generated from designs written for a computer.
The functions might be there but the performance cannot be compared particularly as platform designers are yet to do software optimizations for cell phones.
Again when you talk about convenience in trading, the computer does better, as with mobile phones you will need to regularly exercise patience.

3. It could cost more

This though might depend on the mobile plan you have and the sort of internet accessibility that is obtainable.
Connection costs can pile up more than you might have projected.

4. There are no professional advisors

With the mobile trading platform, you will probably miss out on professional advisors or tools for automated trading that you would normally enjoy with your computer.
It means you will be doing the manual trading and won't be able to use the set and forget button you enjoy on your computer.

Making use of the mobile platform to trade forex

Yes, there are disadvantages, but it has not stopped a good number of traders from making use of the mobile platform to trade forex.
It still has some advantages after all and even if there are no professional advisors, there is still a lot that can be done with it.

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Just like normal you can still open and close trades, set up your stop loss and make your money.
You just need to get your mind ready to deal with increased probabilities that can come from delays in carrying out orders, updates, price and duplication of submitted order.

30 June

Trading with smartphones is quite good but still needs some improvements as regards its functioning and stability, to meet up with the computer.
Maybe you don't have to throw away your computer yet.
If you have tried trading forex on your mobile phone you can share your experience on trustedforexbroker.com or read about the advice or experiences of others.